IEA: Oil market tightening has halted

Preliminary data for this year's first quarter indicate that increased oil supply and sluggish demand imply a global build in oil inventories exceeding 1 million b/d, according to the International Energy Agency in its latest monthly Oil Market Report. While data for the quarter suggest that total industry stocks within the Organization for Economic Cooperation and Development built by about 500,000 b/d, even if absolute stock levels in Europe and Asia remain below the 5-year average. And preliminary indications are that crude stockpiling by Saudi Arabia and China may amount to a combined 700,000 b/d for the first quarter, IEA said. The stockpiling so far has been driven by concerns about...

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